Steps Firms Can Take Now To Prevent Dissolution

Law360, New York (July 23, 2009, 7:41 PM EDT) -- A law firm in distress finds itself feeling pressure from almost every direction — from clients demanding lower rates, skittish attorneys worried about the firm's future, and bankers unwilling or unable to negotiate credit terms. However, consultants say there are several things firms can do to try to manage the situation and stay afloat.

It may be too late if a law firm has gotten to a point where desperate measures are required to avoid bankruptcy or dissolution, consultants said. While no one believes it's an...